[1]

Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of QRCI and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of QRCI (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of QRCI's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

[2]

The principal amount included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings.

[3]

Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were required to be repaid 91 days prior to the maturity of the Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes would have been due on January 1, 2016.

[4]

Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of September 30, 2015.

[5]

Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

[6]

Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, or (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

[7]

The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreements, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of December 15, 2015 or certain other events specified in the Forbearance Agreements.The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility: Minimum EBITDAX Covenant (in millions)Twelve months ending September 30, 2015120.5Twelve months ending December 31, 2015122.0Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively.

[8]

The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.

[9]

Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year.

[10]

The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input).